What happens if you die without a will?
If you pass away without a valid will in place, your estate will be subject to the laws of intestacy. Intestacy is just a fancy word that means “died without a will.”
Intestacy laws dictate how your assets will be distributed, and the outcome may not align with your wishes. Typically, the following consequences occur when you die without a will:
Distribution of Assets: Intestacy laws determine how your assets are distributed among your surviving family members, such as spouses, children, parents, or siblings. The specific rules vary depending on your family structure and local laws. In some cases, this distribution may not reflect your preferences, potentially leading to disputes among your heirs.
Appointing an Executor: Without a will, there's no designated executor to manage the administrative aspects of your estate, such as paying off debts, filing taxes, and distributing assets. The court will appoint an administrator to fulfill these duties, which may not be someone you would have chosen.
Potential Delays and Costs: The probate process, which is the legal process of settling your estate, can be more complex and time-consuming when there's no will. This can lead to delays in asset distribution and may result in higher legal fees and administrative costs, reducing the value of the estate that eventually goes to your heirs.
In summary, dying without a will can lead to uncertainty, disputes, and potential inefficiencies in the distribution of your assets. To ensure that your wishes are respected and your loved ones are provided for as you intended, it's advisable to consult with an attorney to create a legally valid will.
In most cases, it’s even better to set up a trust (rather than or in addition to a will). A trust is often preferable to a will because a trust can provide several advantages, including the potential for a smoother, private, and more efficient transfer of assets to beneficiaries.
If you are considering creating a will or trust in Utah, please contact McAdams Estate Planning today. We specialize in Utah's unique legal landscape and we're here to guide you through the process. We offer a wide array of estate planning solutions, including wills, trusts, probate avoidance, and incapacity planning. We genuinely care about your well-being and the preservation of your legacy.
Contact McAdams Estate Law today to embark on your estate planning journey with a team that has your best interests at heart.